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The Toronto Symphony Orchestra

212 King Street West, 6th Floor
Toronto, ON M5H 1K5
CEO: Gary Hanson
Board Chair: Catherine Beck

Website: www.tso.ca
Charitable Reg. #: 10525 5335 RR0001
Sector: Arts & Culture
Operating Charity

Donor Accountability

Grade: C+

The grade is based on the charity's public reporting of the work it does and the results it achieves.

Financial Transparency

Audited financial statements available only through official request for information from Canada Revenue Agency [ Audited financial statement for most recent year ]

Need for Funding

Funding Reserves Program Costs

Spending Breakdown

Cents to The Cause

95¢
75¢
avg
65¢
50¢
2013 2014 2015
For a dollar donated, cents funding the cause after fundraising and admin costs, excluding surplus.

Full-time staff #68

Avg. Compensation $73,308

Top 10 Staff Salary Range

$350k + 1
$300k - $350k 0
$250k - $300k 0
$200k - $250k 2
$160k - $200k 2
$120k - $160k 2
$80k - $120k 3
$40k - $80k 0
< $40k 0
Information from most recent CRA Charities Directorate filings for F2016

About The Toronto Symphony Orchestra:

Founded in 1922, Toronto Symphony Orchestra (TSO) is one of Canada’s leading arts charities that provides orchestral performances and serves the musical needs within Toronto. Besides its main orchestra performances, TSO also has a music education program, a Toronto Symphony Youth Orchestra, and TSOUNDCHECK, an under-35 ticket program.

Toronto Symphony Orchestra’s main orchestra ran 134 musical performances in F2016 with 130 at Roy Thomson Hall, three at George Weston Recital Hall, and one at Hearn Generating Station. Of these performances, 44 were sold out. Total attendance was 268,409, the highest level in the last five years. TSO reports that 22,948 people were first-time attendees. TSO also states that 35 artists made their TSO debut in F2016.

Education programming includes school concerts, open rehearsals and music resources for teachers. TSO works to connect students in Ontario with curriculum-based music programming. In F2016, 33,275 students and teachers attended curriculum-based concerts for schools at Roy Thomson Hall. TSO gives young musicians (aged 22 and younger) high-level orchestral experiences through the Toronto Symphony Youth Orchestra (TSYO) program. TSO musicians coach the young musicians and TSYO performs side-by-side TSO’s main orchestra annually at Roy Thomson Hall. In F2016, TSYO had 86 musicians participating.

Toronto Symphony Orchestra is active on social media to increase community engagement. The charity reports a 25% increase in Twitter followers, a 46% increase in Facebook likes and followers, a 160% increase in YouTube views, and a 236% increase in Instagram followers in F2016.

Financial Review:

Ci consolidated TSO with its associated Foundation (TSF) in the following financial analysis. Ci gathered TSF revenue, expense and asset figures from its T3010 CRA filings.

TSO and TSF do not have the same yearend (TSF's yearend is March). Given this, fund balances and transfers will not match.  The difference in TSO's reported revenues from TSF and TSF's reported grants to TSO affects overall cash flows by ($200k) in F2015, $130k in F2014 and $663k in F2013.

Toronto Symphony Orchestra is a big-cap charity with total donations and special events fundraising of $10.3m in F2015. Administrative costs are 29% of revenues and fundraising costs are 19% of donations and special events revenues. Per dollar donated to the charity, $0.53 goes towards its programs, which does not fall within Ci’s reasonable range for overhead spending.

TSO and TSF hold net funding reserves of $26.9m – TSF has $34.2m in investments and cash, while TSO has $7.3m in bank debt. Net funding reserves can cover TSO's annual program costs for just under 1 and a half years.

TSO uses external fundraisers as part of its fundraising activities. TSO reports paying external fundraisers $154k in F2015; external fundraisers raised $290k on behalf of the charity. With an external fundraising cost ratio of 53%, TSO receives $0.47 of every dollar donated to external fundraisers.

This charity report is an update that is currently being reviewed by Toronto Symphony Orchestra. Comments and edits may be forthcoming.

Updated on June 16, 2017 by Katie Khodawandi.

Financial Ratios

Fiscal year ending June
201520142013
Administrative costs as % of revenues 28.8%28.7%30.1%
Fundraising costs as % of donations 18.6%27.5%25.6%
Program cost coverage (%) 146.0%171.0%141.8%

Summary Financial Statements

All figures in $000s
201520142013
Donations 9,6946,2486,177
Government funding 5,4355,2915,537
Fees for service 9,2529,1448,917
Special events 573661122
Investment income 4,4674,8113,384
Other income 987518442
Total revenues 30,40926,67424,580
Program costs 18,42915,48716,312
Administrative costs 7,4766,2846,388
Fundraising costs 1,9071,9001,614
Other costs 214201358
Cash flow from operations 2,3842,803(92)
Funding reserves 26,91326,48223,130
Note: Ci omitted transfers between TSO and TSF. Ci backed out amortization of capital assets related to TSO’s operations on a pro-rata basis from the charity’s total program, administrative and fundraising costs. Ci reported the Foundation’s professional fees of $241k in F2015, $277k in F2014 and $238k in F2013 in administrative costs and did not report TSF's grants expense to TSO, as it represents a fund transfer. 

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